For purposes of this Act, except as otherwise specifically provided, the following words and phrases, together with all of the common derivatives thereof (i.e. verbs, plurals, gender, etc.), shall have the meaning ascribed to them in this Section.

(a) Accredited means as recognized by the Council for Higher Education Administration (CHEA); for vocational schools, an accrediting agency as recognized by the United States Department of Education, such as the Accrediting Commission of Career Schools and Colleges (ACCSC);

(b) Applicant means any individual or family who is applying for First-time Homeowner Relief;

(c) Commencement date of an eligible transaction: see
§ 4703(e);

(d) Completed for completion of an eligible transaction: see § 4703(f);

(e) Comprehensive home building contract means a contract under which a builder undertakes to build a home on land, from the inception of the building work to the pointwhere the home is ready for occupation; and if, for any reason, the work to be carried out under such a contract is not completed, includes any further contract under which the work is to be completed;

(f) Construction cost means the final and total amount paid, or to be paid, by a homeowner for the construction of a home, and shall include all monies paid for labor and material, contractor’s fees, fees of an architect and engineer, survey costs, utility hook-up costs, broker’s commissions, and attorney’s fees;

(g) Down payment means the equity requirements of the homeowner needed to initiate the mortgage for the purchase or construction of a home. It shall include points and fees charged by the financial institution;

(h) Eligibility criteria: see § 4703(b); (i) Eligible transaction: see § 4703(d);
(j) Family means two (2) or more persons related by blood, adoption, or marriage, living together in a household;

(k) First-time Homeowner means any individual or family who has not had any ownership interest in a home within the five (5) years preceding the commencement date of an eligible transaction for which the First-time Homeowner is applying;

(l) Financial institution means any financial institution authorized to make mortgage loans on Guam, as approved by the GHC;

(m) Full-time basis means the minimum of twelve (12) or more credit hours per semester or quarter equivalent to twelve (12) semester hours, for degree-seeking undergraduate or graduate studies; for vocational schools, the minimum credits or hours or its equivalent per, semester or quarter or equivalent term, necessary for the school to certify full-time status;

(n) Home means a permanent, single family dwelling, or single family condominium or town house, but does not
include semi-permanent dwellings made of wood and tin, and is to be physically occupied by the homeowner on a regular and continuous basis and in which the homeowner intends to exclusively reside;

(o) Natural Person means a human being.

(p) Land costs means costs to purchase land toward the construction of a home;

(q) Off-island institution of higher education means a United States Department of Education accredited vocational school, or college or university not physically located in Guam;

(r) Occupancy requirement means the requirement that an applicant for First-time Homeowner Assistance must occupy the home to which the application relates as the applicant’s principal place of residence within six (6) months after the completion of the eligible transaction;

(s) Owner means having absolute dominion (as defined in 21 Guam Code Ann., Chapter 1, § 1211) over land or a home;

(t) Assistance means the financial assistance granted to
First-time Homeowners established under this Act;

(u) Spouse is the person who is legally married to the applicant.